Often buyers will already have a mortgage arranged before they make an offer on a property. However, many people become confused when agents ask that a prospective buyer see a mortgage advisor recommended by the agent anyway. Often buyers perceive this as the agent trying to "push" their mortgage advisor. However, many people may not realise that there are other very practical reasons why you may be asked to speak to a mortgage advisor.
Firstly, any estate agent must put all offers forward to the vendor, and must confirm the offer in writing to both vendor, and the prospective buyer. This requirement stands whether or not the buyer has spoken to the mortgage advisor recommended by the estate agent.
1. The advisor can "qualify" you to make your offer more appealing to the seller
There is a distinct advantage to being vetted by the estate agent's recommended mortgage advisor. If you do speak to the agent's mortgage advisor, the estate agent can confirm to the seller that you have spoken to their advisor, and that you are a credible buyer, regardless of whether you arrange your mortgage through them. For obvious reasons, this means that your offer will look more appealing to the seller.
If you have your mortgage agreed in principle from another source, then explain this to the agent, and be prepared to show them or their advisor evidence of this, along with any deposit, as this will send the same positive message of your credibility to the seller.
2. You can double-check that you are not spending more than you have to on your mortgage
If you have already arranged a mortgage but have only spoken to one mortgage lender it may be wise to double-check that you are getting the best possible deal available. When most people look for car insurance they comparison shop and get at least 3 quotes to check that the insurance is the best available. The same principle should hold true when looking for a mortgage. Before committing to the biggest investment in your life you should be certain that there isn't a better deal available.
When comparison shopping for mortgages you will get the best picture of what is available if you use an independent mortgage adviser. The "independent" part of the title is vital as it signifies that the advisor is not tied to a limited number of lenders, that is, they can search the entire mortgage market for the right lender and mortgage product for you.
If you buy a property through Northfields we'll ask you to speak to Anthony Cusack who is an experienced independent whole of market mortgage advisor. Anthony will be able to qualify your offer so that we can reassure the seller that you do have the financial means to proceed with the sale.
You are not required to use Anthony's services but if you want to be sure your are making the best decision on your mortgage, he can, with your permission, also check to make sure that you have the best possible mortgage deal.
If you are comparison shopping for mortgages, call Anthony on 020 8280 9600 or click here to e-mail Anthony to take advantage of Anthony's free advice and expertise.